Investor performance

The table below details our investor value measures and targets to 2025. It reports our performance and demonstrates progress in delivering a sustainable return to investors as part of our purpose.

Performance highlights in 2021 include:

  • £300m sustainable bond - 3 times oversubscribed and the lowest ever 8 year+ corporate sterling coupon.
  • Fully funded pension schemes on a low dependency basis driving relative value on a cash basis.
  • Innovative application of Systems Thinking driving efficiency and performance.

To understand the verification process for our data, please see CR reporting.

From 2020-21 onwards we have adopted a new set of measures for investors to demonstrate how we are fulfilling our purpose which is why there is no trend data this year. The progress we have already made to operate in a responsible manner is demonstrated in our 2015-20 measures and targets performance.

Measure Target to 2025 2020/21 Performance
RORE Assessed annually 4.37%
UK Corporate Governance Code Maintain compliance Compliant
Maintain performance across a range of trusted investor indices Upper quartile Upper quartile
Credit rating UUW (Moody's, S&P, Fitch) A3, BBB+, A- A3, BBB+, A-
Gearing 55-65% 62%
Maintain sustainable finance framework Available/continued issuance Available
Fair Tax mark Retain annual accreditation Retained
Sustainable dividend Grow by CPIH In line with commitment 
Risk maturity Year on year improvement Met expectation
Anti-bribery: % of identified employees completing required training 100% 94%
Investor engagement: % met or offered to meet by value (active targetable insitutional shareholder base) 75% 81%